Hon. Minister Oyetola Directs NIMASA to Commence CVFF Disbursement
On Tuesday, April 15, 2025, the Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to commence the long-awaited process for the disbursement of the Cabotage Vessel Financing Fund (CVFF).
This directive, issued in alignment with President Bola Ahmed Tinubu’s Renewed Hope Agenda, represents more than the activation of a financial instrument—it signifies the rewriting of a long-delayed chapter in Nigeria’s maritime development.
For over two decades, the CVFF remained unutilized. Now, under this administration’s leadership, the fund is being brought to life deliberately, transparently, and strategically.
Through this initiative, eligible Nigerian shipping companies will gain access to up to $25 million each in financing for vessel acquisition. This is expected to enhance the capacity of indigenous operators, reduce reliance on foreign vessels, and significantly strengthen the local maritime industry.
According to the Honourable minister this is not merely a funding initiative but an investment in:
• Job creation for Nigerians
• Strengthening of local content
• Enhancing Nigeria’s maritime sovereignty
• Building a globally competitive shipping sector
The Minister described the development as a turning point, emphasizing that a strong indigenous fleet is not only a matter of national pride but also a strategic economic asset.
